Apple has fuelled expectations it will begin a major acquisition spree, after
telling investors it has more cash than it knows what to do with.

Tim Cook, who in August became chief executive of the world's biggest company by market value, said Apple's current $97.6bn (£62bn) in cash and investments had grown by nearly two-thirds in a year and was "more than we need to run a company".

He told its annual general meeting in Cupertino, California, that Apple was in "active discussions" about what to do with the cash pile. "The board and management team are thinking about this very deeply," Mr Cook said.

Some shareholders have called for the money to be returned to investors, in the form of a dividend or share buyback. Even if it does this, the size of the cash hoard means Apple is still likely to make strategic acquisitions.

Analysts have suggested it could buy a film or television production business to help support its supposed ambition to do for TVs what it has done to the music and mobile industries with the iPod and the iPhone.

Critics said Apple should increase wages for the Chinese workers who produce its goods.

The company has agreed to make its corporate governance more rigorous, bowing to shareholder pressure by requiring its directors to win a majority vote before being elected to the board. At last year's meeting it resisted calls for a change from shareholders including giant US pension fund CalPERS. Apple will now require directors who do not secure a majority vote to resign their position.